President Donald Trump and Elon Musk are trading public insults after the Tesla billionaire suggested he'll create a new political party, "America Party."

Elon Musk's proposed new political party has some hurdles to clear before it becomes a reality. The big picture: The call for a third political party isn't new, and it's been done before to varying success. But experts agree that it will require a herculean effort from Musk to make the so-called "America Party" successful.

Billionaire Elon Musk said Saturday he is forming a third political party, after a dramatic falling out with Donald Trump, indicating he will make good on threats he made if the president’s domestic policy bill became law.